Parting in such sweet sorrow…

July 30, 2004

Another top executive at Janus (JNS) has stepped down from the once hot fund company that got caught up in last year’s big mutual fund scandal. And like former CEO Mark Whiston, Lars Soderberg, 44, is also walking away with some nice — though not as nice — parting gifts. According to Soderberg’s severance agreement in the Q Janus filed yesterday, Janus has already paid him $1.5 million. In exchange, Soderberg, whose salary last year was a mere $150,000 (though his bonus was $1.7 million), will be required to provide unspecified consulting services. Soderberg, formerly executive vice president and a managing director for institutional sales, has been on a paid leave since April, around the time Janus announced its $225 million settlement with regulators. Under the agreement, Janus will continue to cover the tab for health insurance and other benefits for Soderberg and his family for the next three years. Janus is also socking away $1 million in deferred compensation — money that will be placed in one of six Janus funds — that Soderberg will be able to collect when he turns 50.

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